FAQS
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April 8, 2025
Yet another reason you should not gift your home to your children (part 3 of 4):
Yet another reason you should not gift your home to your children is the Medicaid five-year lookback period. If you gift your home to your children (or anybody) and need Medicaid benefits within five years of the gift, you will not qualify for Medicaid. There are other options to get around this but often people …
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March 26, 2025
Another reason you should not gift your home or real property to your children (part 2 of 4):
Another reason you should not gift your home or real property to your children (part 2 of 4): Another reason you should not gift your home or real property to your children is the loss of property tax exemptions. For example, if you can claim over 65, disabled, disabled veteran, and/or homestead exemptions, you may …
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March 18, 2025
One reason you should not gift your home or real property to your children (part 1 of 4):
One reason you should not gift your home or real property to your children (part 1 of 4): One reason you should not gift your home or real property to your children is the loss of the step-up basis. If you gift your home or real property to your children, they receive it at the …
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March 10, 2025
Should I add my child to my bank account?
Why you should not add your child to your bank account. The way bank accounts are set up is dictated by your agreement with the bank, but most banks set up accounts similarly. If you have more than one person on the account, it is usually set up as joint tenants with rights of survivorship …
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February 21, 2025
Advantages of electing to have your LLC treated as an S corporation
Advantages of electing to have your LLC treated as an S corporation Entities are created at the state level but taxed by the IRS at the federal level. LLCs are very common and popular entities due to the asset protection offered and simplicity of operations. The IRS does not recognize LLC as a taxable entity …
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January 22, 2025
Where should you store estate planning documents?
Where should you store estate planning documents? Some banks and financial advisors recommend storing your estate planning documents in a safe deposit box. However, doing so can prevent family/executor/trustee from being able to access them easily or in a timely manner. Oftentimes a court order is required to access a safe deposit box if someone …
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October 7, 2024
Lesson: Check beneficiary/POD designations
Lesson: Check beneficiary/POD designations Story: Rick’s wife is deceased, and he has two children, Jack & Jill. Jack always said he would take care of his dad, Rick, as he aged so Rick had a Will prepared leaving a disproportionate share of his estate to Jack and made Jack his Executor and Power of Attorney. …
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August 27, 2024
What is the difference between a Lady Bird Deed and a Transfer on Death Deed?
What is the difference between a Lady Bird Deed and a Transfer on Death Deed? Lady Bird Deeds (or more formally: Enhanced Life Estate Deeds), have been used historically to transfer real property upon death. More recently, the statutory creation of a Transfer on Death Deed (or TODD) offers another way to transfer real property …
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August 2, 2024
I have a fairly simple estate, can I plan to avoid probate?
Probate is typically not difficult or expensive if you have a well-designed estate plan. However, if you do not have a complex estate, you may desire to plan for probate avoidance. Enhanced Life Estate Deeds (Lady Bird Deeds) or Transfer on Death Deeds (TODDs) can be used to pass real property outside of the probate …
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July 2, 2024
Do you have a child who is 18 years old and going to college?
Do you have a child who is 18 years old and going to college? Once “children” reach the age of 18, they are now legally adults. Parents can no longer make medical decisions or access medical information unless the adult child grants permission. Also, if a child is no longer claimed as dependent on tax …
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